DST Workers Stay Losing Retirement Fight

Here's a savings story that should give locals nightmares . . .

Workers who planned for the future and did their best to save for their golden years have been left out in the cold by a local company.

Here's a glimpse at today's setback in an ongoing legal battle . . .

Citing a recent U.S. Supreme Court opinion limiting federal courts’ jurisdiction under the arbitration law, the 8th U.S. Circuit Court of Appeals held that the employees had not established an independent basis for jurisdiction.

The court sent back the cases — 177 altogether — to determine whether the lower court has the authority to confirm each individual case.

The DST employees claimed that DST, a financial and health care services company, had concentrated “an enormous and imprudent” amount of its 401(k) plan in the stock of Valeant Pharmaceuticals, now known as Bausch Health Companies Inc. When that stock’s price plummeted in 2016 from $258 per share to $15 per share, the plan sustained nearly $400 million in losses.

Read more via www.TonysKansasCity.com link . . .

Retirement plans for hundreds of employees at Kansas City-based DST in doubt after court ruling

Kansas City-based DST Systems Inc. was ordered in 2021 to pay tens of millions of dollars to employees, who claimed the company concentrated "an enormous and imprudent" amount of its profit-sharing plan in a single pharmaceutical stock. A federal appeals court has sent the cases back for a lower court to determine.